Changes in the last month

The Construction Cost Index for multi-dwelling buildings increased by 1.5 percent between February and March 2022. In the corresponding period in 2021, the Construction Cost Index increased by 0.2 percent.

Contractors’ costs increased by 1.9 percent, while construction clients’ costs decreased by 0.5 percent. These two groups accounted for 82 percent and 18 percent, respectively, of the Construction Cost Index.

Contractors’ costs for building materials increased the most, by 3.5 percent. In the group ‘building materials’, the cost of reinforcement steel increased the most, by 23.4 percent. The costs of iron and steel, including reinforcement steel, rose by 12.2 percent. All other costs in the building material groups rose slightly or remained unchanged.

Contractors’ costs in the group ‘transport, fuel and electricity’ increased, by 2.9 percent. The increase was mainly due to increases in the cost of diesel oil, by 10.8. Overhead costs rose by 0,3 percent, while costs of machinery and wages and salaries remained unchanged.

Construction clients’ costs consist of interest and credit costs, costs for plans, and central administration. Construction clients’ costs decreased due to lower interest costs in March.

Changes in the last year

The Construction Cost Index for multi-dwelling buildings increased by 9.6 percent between March 2021 and March 2022. Contractors’ costs rose by 11.1 percent, which led to an upward contribution to the Construction Cost Index of 9.2 percentage points. Construction clients’ costs increased by 2.5 percent, which led to an upward contribution to the Construction Cost Index of 0.4 percentage points.

Contractors’ costs in the group ‘transport, fuel and electricity’ increased by 26.7 percent between March 2021 and March 2022. Within that group, the cost of electricity and diesel oil rose the most, by 73.1 percent and 52.1 percent respectively. Contractors’ costs for machinery and overhead costs increased by 3.6 percent and 2.5 percent respectively, while costs for wages and salaries rose by 0.1 percent.

Contractors’ costs of building materials increased by 20.4 percent between March 2021 and March 2022. In the group ‘building materials’, the costs of reinforcement steel and wood products remained high. These costs have been rising for some time due to a shortage of raw materials as a result of global demand. The costs of reinforcement steel and wood products increased by 75.7 percent and 59.3 percent respectively. The costs of iron and steel, including reinforcement steel, rose by 50.3 percent. Costs in other building material groups also increased.

Construction Cost Index for multi-dwelling buildings, excl. wage drift and value-added tax.

Construction Cost Index for multi-dwelling buildings, excl. VAT